IMF Caves

Greece says lenders closer to compromise on debt viability | Reuters.

https://i0.wp.com/www.imf.org/external/np/adm/pictures/images/bldextm.jpg

Just when we thought that the IMF would remain the voice of reason on Greece, Lagarde caved in to eurozone demands that the debt sustainability figure be raised to 124%.

The IMF’s capitulation paves the way for a deal on additional Greek aid and releasing the next tranche of bailout loans. This new compromise comes at a high price to the IMF. It is slowly losing credibility as its europhile, French leader puts the interests of the continent ahead of those of the organization she heads.

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